The telecoms entrepreneur is one of four parties to have declared "I'm in" and made an offer for the owner of the Millets and Blacks retail chains by Thursday's deadline. Leisurewear chain JD Sports and its rival Sports Direct, the group controlled by Newcastle United owner Mike Ashley, are the other known bidders.

Accountant KPMG, which is organising the process, will consider the offers before announcing a preferred bidder as early as Friday. Both KPMG and Blacks declined to comment.

The quartet are believed to be interested in acquiring the bulk of Blacks' 300 stores, which employ many of its 3,500 staff, as it undergoes a pre-pack administration. The process will see Blacks put into formal insolvency before emerging soon after under new ownership, following a pre-arranged sale.

Sports Direct, which owns a 21% stake, tried to buy the company last year and is its largest shareholder. Having amassed net debts of £36m, Blacks put itself up for sale in early December after deciding against a fundraising. Sports Direct decided days later not to make an offer for the Blacks shares, preferring to pick off assets once the group went into liquidation.

Other retailers, including The Edinburgh Woollen Mill, Go Outdoors and Mountain Warehouse, which were interested in acquiring only small numbers of stores, are understood to have dropped out of the bidding process.

Jones made his fortune in telecoms with Phones International Group, whose companies distributes handsets and resell airtime on mobile phone networks to business customers. Among his more successful investments from the show is the condiments maker Reggae Reggae Sauce. He is also on the board of online consumer electronics retailer Expansys.